Looking For Signs

Good morning. Following strength in overseas markets after the Bank of Japan left rates unchanged (helping the yen carry trade) and news that troubled mortgage lender Countrywide Financial (CFC) will receive a $2 billion capital infusion from Bank Of America Corp (BAC) has continued the positive bias we've seen throughout this week. Investors are looking for signs that the mortgage and credit crisis is easing and this news helps bolster their confidence. While not all of the news this morning is bullish including disappointing guidance from several retailers, homebuilder downgrades, and some more M&A concerns, the futures are showing that buyers will at least be present at the opening bell.

Premarket gainers are LLNW, LEND, CFC, NFI, FMT, JOYG, PSYS, BRCD, NGA, NTES, FCEL, GNVC, JASO, PAAS, INSP, TECD, NTES, JDSU, SPWR, PTNR, ETFC, TASR, SNDA, HOKU, PEGA, STLD, SCHW, AAUK, ERTS, and NTAP.

Premarket losers are SMRT, PLCE, ZGEN, PRGO, HOTT, ZUMZ, IMMR, LOCM, SIRF, and AKAM.

While we have reports on durable goods and new home sales tomorrow morning, today's big report will be released after the closing bell. The weekly Fed report on bank borrowing from its discount window will attract more attention than usual as the data will show other financial institutions that took advantage of central bank loans. Others have suggested that a small borrowing total might raise expectations for another cut in the discount rate as if expectations for additional FOMC cuts aren't already high enough.

Like yesterday, my focus is to throw some money at a few positions, especially if we see some weakness after another optimistic open. Have a great day!